Money Rehab with Nicole Lapin - Nicole Had a Miscarriage. She Still Supports Roe v. Wade.

Episode Date: May 10, 2022

Nicole analyzes what overturning Roe v Wade would mean from a perspective that transcends politics: financial freedom. To find (or give) financial help to folks in need of reproductive healthcare, check out these resources: https://www.thecut.com/article/donate-abortion-fund-roe-v-wade-how-to-help.html  See omnystudio.com/listener for privacy information.

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. As you may have seen or heard about, last week Politico acquired and published an initial

draft majority opinion written by Justice Alito, showing that the Supreme Court has voted to strike down the Roe v. Wade decision. Roe v. Wade, of course, is the Supreme Court precedent that pregnant women have a constitutional right to abortion access. Now, just to be clear, reversing Roe v. Wade wouldn't mean a nationwide abortion ban. Instead, it will be up to the individual state governments to set their own state's legislation on abortion access. So while it will not be impossible to have an abortion in the United States, if Roe is overturned, it's almost certain that at least 18 states will ban abortion. Of

course, I understand that this is a very contentious and heavy issue. Often this topic gets shoehorned into a partisan argument, pro-life Republicans versus pro-choice Democrats. But I want to bring in a perspective that transcends politics. Financial freedom. There are important financial implications of reversing Roe v. Wade, and those implications rarely make headlines, but I want to make space for them here. You may have heard this from me before, but it's worth repeating that my goal with my reporting has always been to foster open dialogue. I'll share with you today how I'm thinking about this Supreme Court decision, and you may disagree with me, and that is okay. This is a complicated conversation,

but it is a conversation, and we could all stand to be better listeners, myself included. So if you take time to listen to my perspective today, I would love to do the same for you. Email me your thoughts at moneyrehab at nicoleappin.com. In my episode on the Texas abortion ban, I put out a similar ask to hear your feedback, and I got some really fascinating responses from both pro-choice listeners who agreed with my perspective and pro-life listeners who didn't, and yet still gave me their perspective with open minds and hearts. I'm really grateful for the grace and respect with this money rehab community to talk about this issue, and I'm looking forward

to hearing more from you about this topic. I'll also say that I explained some of my personal opinions on reproductive health care in that episode on the Texas abortion ban. So if you're curious, check it out. It's episode 129. Now, let's follow the money trail. The major pro-life argument is, of course, to protect the sanctity of life. But there is more to protecting life than letting it exist. If women have to carry unwanted pregnancies to term, how is the government going to make sure that women can take care of these children? Because right now, there is very little aid for parents to shoulder the enormous costs of childcare in the United States, and the financial burden becomes heavy as soon as that baby is born.

I can give you the example of iHeartMedia. Not to pick on the company, but only because our team has been affected by the healthcare policies. Up until this January, iHeart employees got no paid parental leave. So the only way employees would be able to take some time off for their newborn was to go on disability leave. This is not the precedent in other developed countries. In Europe, most people get four months of paid parental leave. So how can U.S. government officials talk about the sanctity of life but also look the other way when women are forced to classify that new life as a disability in order to put food on the table. And it doesn't get any easier. According to the American Progress Organization, the primary public federal funding source for

child care is the Child Care and Development Fund. This program provide funds intended to help eligible families access child care through subsidy vouchers. However, this program is extremely underfunded and only reaches one in seven eligible children, and many families who need support paying for child care don't even meet the eligibility criteria. For example, a family of three with an annual income above $32,580 wouldn't qualify for assistance in 13 states. We've talked before about the big impact a baby can make on your finances. Some estimates put the annual cost of having a child around $10,000, while others put it at $17,000. So if you're just making over $32,000,

it's going to be a struggle to make ends meet with one-third of your spending plan going to your baby. And even if a woman plans on putting the baby up for adoption, the costs don't wait for the baby to be born before rolling in. All throughout her pregnancy, a woman's going to need to pay for doctor's visits, transportation to those doctor's visits, medicine, maternity clothes. The costs go on and on. Beyond the sanctity of life, you also hear pro-life folks talk about the potential of that child born from an unwanted pregnancy. I hear people say often,

maybe that child will grow up to cure cancer. Well, if the government wants the next generation to be empowered to take on complex problems like curing cancer, will the government also make higher education less expensive? Because as of now will the government also make higher education less expensive? Because as of now, the government hasn't been able to alleviate student debt for the 43.4 million people who have a total of $1.7 trillion in federal student loan debt. And I'm not making up scenarios for the sake of argument. Women with unwanted pregnancies do need financial help. I mentioned this research in my episode on the Texas abortion ban, but again, it's worth repeating. The Turnaway study,

the largest study on women being denied access to abortions, found that women who carry an unwanted pregnancy to term have four times greater odds of living below the federal poverty line. The study also found that carrying an unwanted pregnancy led to adverse economic outcomes like lower credit scores, increased debt, and increased instances of negative public financial records such as bankruptcies and evictions. Being faced suddenly with unexpected costs ranging in the tens of thousands of dollars could put someone's life on hold. If a woman gets pregnant while in school, she may have to drop out to work full-time in order to cover child care costs.

And without an advanced degree, she may be forced to take a lower-paying job and get stuck under the glass ceiling. This has a ripple effect across the national economy. If governments put women in positions where they can't follow their career aspirations because of an unwanted pregnancy, the government is essentially stunting the growth of half the population. That woman who had to drop out of school to find a job, maybe she's the scientist who could have cured cancer.

And these realities will be harsher for women in low-income families. Women with money or privilege or both will always be able to get an abortion. But increasing restrictions on reproductive health jack up the cost of abortion access, which just pushes options further out of reach for low-income women. As you heard over the weekend, I had a miscarriage last year. I know all about the sanctity of life. And yet, I am pro-choice. Because choice is power. And when the right to choose is taken away, women lose autonomy over their bodies, autonomy over their finances, and autonomy over their dreams. I've made my whole career about being the champion of financial rights for people who also didn't grow up with the Wall Street Journal on their kitchen table.

And the data on this issue is clear. When women are denied access to abortion, their financial freedom is taken away. For today's tip, you can take straight to the bank. Like I mentioned, even when Roe v. Wade is reversed, abortion access will still be assured in several states like Vermont, Massachusetts, New York, California, and others. If reproductive health care is restricted in your state and you need financial help, go to the link in the show notes. money rehab is a production of iheart radio i'm your host nicole lappin our producers are morgan lavoie and mike coscarelli executive producers are nikki etor and will pearson our mascots are penny and mimsy huge thanks to og money rehab team michelle lands for her development work katherine law for her production and writing magic, and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.